Closing Bell Closing Bell: Stocks Sink in Final Hour of Trade 11/13/25
Nov 13, 2025
Yung-Yu Ma, Chief Investment Officer at PNC Asset Management, and Robert Kaplan, Former Dallas Fed president and current Goldman Sachs vice chairman, dive into the state of the economy and the Fed's potential actions. Ma argues that underlying economic health might necessitate rate cuts next year, influenced by labor market pressures like rising layoffs. Kaplan identifies the Fed's decision-making challenges, emphasizing the delicate balance of neutral interest rates and persistent inflation. Together, they offer a keen insight into market implications, particularly for tech stocks.
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Episode notes
Concentrated AI-Led Pullback
- The market saw a concentrated pullback led by AI and momentum names, dragging the Nasdaq lower while defensive sectors held up.
- That rotation raises questions about whether tech-led gains are simply correcting or signaling a broader shift.
Trim Overpriced Positions Selectively
- Trim truly overvalued positions that are "priced to perfection" rather than panic selling across the board.
- Consider being discerning about winners and wait for clearer data before adding aggressively.
AI Is A Long Game With Early Beneficiaries
- AI likely remains a long-term game with fits and starts, not an immediate, uniform profit driver.
- Current gains mostly favor chip sellers while true beneficiaries of AI implementation may emerge later.